White House adviser Larry Kudlow said tariffs scheduled for December could be pushed off, fueling optimism after China and the U.S. showed willingness to address each one other’s core objectives, Reuters reports.

“It is a bit more confirmation from China as to what was agreed with the U.S. in discussions toward the stage one trade deal” Jon Adams, investment strategist at BMO Global Asset Management, told Reuters.

The markets were previously straightening off U.S.-China trade progress, with a tentative “phase one” trade deal between the U.S. and China that prevented additional tariffs from taking effect.

“The pieces are falling into place for an upturn in global growth,” Joe Quinlan, head of CIO Market Strategy for Merrill and Bank of America Private Bank, told the Wall Street Journal. “This is exactly what equities are suggesting.”

A number of high-profile companies such as Boeing, Microsoft Corp, Procter & Gamble Co, United Parcel Service Inc, Caterpillar Inc and Ford Motor were up to bat in this week of quarterly earnings updates.

So far, Corporate America has been beating expectations. Analysts previously projected the first earnings contraction since 2016 for S&P 500 companies, but of the 75 companies that reported so far, only 12% were below estimates, according to Refinitiv data.

Meanwhile, overseas political risk in Europe shaved off some of the optimism. A critical vote on Prime Minister Boris Johnson’s Brexit deal was delayed.

“We’re going to have that kind of ebbing and flowing,” David Madden, market analyst at CMC Markets, told the WSJ. “It’s just going to be hanging around to find out what’s happening.”

For more information on the markets, visit our current affairs category.

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